Masay Company provided the following information for 2019: 7,500,000 Sales Inventories January 1: Raw materials Goods in process Finished goods Inventories December 31: Raw materials Goods in process Finished goods Purchases Direct labor Indirect labor Superintendence Light, heat and power Rent factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation - store equipment Office salaries Depreciation - office equipment Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expenses Earthquake loss Gain from expropriation of asset Income tax expense 200,000 240,000 360,000 280.000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 110,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000 10,000 100,000 200.000 150,000 250,000 300,000 100,000 320,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Based on the partial trial balance below,  prepare the Statement of Income (SCI) with supporting notes to the financial statements 

Make sure that the Statement of Income has the following:

Net Purchases- X,XXX,XXX.

Total Gross Income-  X,XXX,XXX.

Total Marketing and Selling Expenses- XXX,XXX.

Total General and Administrative Expenses- XXX,XXX.

Total Manufaturing Cost - X,XXX,XXX.

Total Cost of Goods Sold-  X,XXX,XXX.

Total Cost of Goods Manufactured- X,XXX,XXX.

Total Factory Overhead- X,XXX,XXX

Net Income After Tax-  XXX,XXX.

 

Masay Company provided the following information for 2019:
7,500,000
Sales
Inventories January 1:
Raw materials
Goods in process
Finished goods
Inventories December 31:
Raw materials
Goods in process
Finished goods
Purchases
Direct labor
Indirect labor
Superintendence
Light, heat and power
Rent factory building
Repair and maintenance - machinery
Factory supplies used
Sales salaries
Advertising
Depreciation - store equipment
Office salaries
Depreciation - office equipment
Depreciation - machinery
Sales returns and allowances
Interest income
Gain on sale of equipment
Delivery expenses
Accounting and legal fees
Office expenses
Earthquake loss
Gain from expropriation of asset
Income tax expense
200,000
240,000
360,000
280.000
170,000
300,000
3,000,000
950,000
250,000
210,000
320,000
120,000
50,000
110,000
400,000
160,000
70,000
150,000
40,000
60,000
50,000
10,000
100,000
200.000
150,000
250,000
300,000
100,000
320,000
Transcribed Image Text:Masay Company provided the following information for 2019: 7,500,000 Sales Inventories January 1: Raw materials Goods in process Finished goods Inventories December 31: Raw materials Goods in process Finished goods Purchases Direct labor Indirect labor Superintendence Light, heat and power Rent factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation - store equipment Office salaries Depreciation - office equipment Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expenses Earthquake loss Gain from expropriation of asset Income tax expense 200,000 240,000 360,000 280.000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 110,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000 10,000 100,000 200.000 150,000 250,000 300,000 100,000 320,000
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